Cerebras Systems Inc, an AI chip company, priced its initial public offering (IPO) at US$ 185 per share for 30,000,000 Class A shares, with a 30-day underwriters’ option to purchase up to an additional 4,500,000 shares at the IPO price minus discounts. The shares are set to trade on the Nasdaq Global Select Market under ticker “CBRS,” with trading beginning yesterday, and the offering expected to close today, subject to customary conditions.
According to the company press release, the IPO is being led by Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank as lead book-running managers. Mizuho and TD Cowen are bookrunners, with Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt Securities, Academy Securities, Crédit Agricole CIB, MUFG, and First Citizens Capital Securities acting as co-managers.
The company’s Nasdaq debut saw shares rise 68 percent, pushing its valuation close to US$ 100 billion. That move placed founder and CEO Andrew Feldman and CTO Sean Lie among new entrants to the tech billionaire ranks, with stakes valued at about US$ 3.2 billion and US$ 1.7 billion respectively.
CEO Andrew Feldman said the company had reached sufficient scale to list publicly and he told CNBC, “We have tremendous opportunities for growth, and this was the right way to fund our growth.” Feldman added that the company raised US$ 5.55 billion in what is among the largest IPOs of 2026.
The listing comes amid a broad semiconductor rally, with Intel, Advanced Micro Devices, and Micron Technology each up more than 80 percent over the past month as investors expand AI exposure beyond Nvidia.
The deal ranks among the largest U.S. tech IPOs in recent years, trailing Uber’s US$ 8 billion raise in 2019, and Snowflake’s US$ 3.8 billion offering in 2020. Across sectors, Rivian’s 2021 IPO raised about US$ 12 billion.
Cerebras first filed to go public in 2024 but later withdrew the filing after scrutiny over reliance on a major UAE customer, G42. Since then Cerebras has shifted towards AI cloud services, competing with Google, Microsoft, Oracle, and CoreWeave.
Cerebras Systems Inc had been valued at US$ 23.1 billion in February 2026, and previously withdrew an IPO filing seven months earlier before returning to public markets amid strong demand for AI chips, a sector also driving gains in Intel, Advanced Micro Devices, and Micron Technology.